Well, this week sure belonged to the bears.
Here's the tally for the major averages: Dow down 6.2% for a new low, the S&P 500 down 6.9%, the NASDAQ down 6.1% and the Russell 2000 down 8.3%. Sheesh! Looking at charts, the averages are all at or below their lower Bollinger Band despite a late day rally on Friday.
Some, in looking on the bright side, have pointed to the fact that the Dow is the only average to have hit a new low and that this divergence may signal a bounce. On the other hand, when looking at weekly charts, it can be seen that the S&P 500 has hit a new low based on weekly closing prices. This is illustrated in our two charts below where we compare some of the TradeRadar statistics to SPY, the S&P 500 SPDR ETF. On a weekly basis, the Russell 2000 is only a few points above its November low while the NASDAQ is really the only index that has not quite broken down to November levels. Bottom line is that all the averages showed a lot of weakness and it remains to…